US banks beat GeoPost to acquire stake in Spanish leader
The race to acquire part of Spain’s largest express and freight operator, Seur, has reportedly been won by a partnership of two US banks, JPMorgan and Bridgepoint. The two financial investors beat off competition from GeoPost, the parcels subsidiary of France’s mail operator La Poste for the Seur Madrid franchise. Acquiring the franchise would give the buyer approximately 20% of Seur’s overall shares.
The sum paid for the stake has been estimated by analysts at between $100-€120m and has been sold by the company’s CEO and founder Justo Yufera. However La Poste may yet indirectly achieve control of the franchise. The other franchise owners have the right to veto any takeover should they feel that it is not in the best interests of the overall company. Initial reaction would suggest that many would prefer a trade buyer for the Madrid franchise rather than a financial investor, and some have already been in talks with GeoPost.
Last month GeoPost held an extraordinary general meeting to discuss whether to make a bid for the Spanish company. At the same time it also discussed whether to extend its stake in Masterlink, the Polish express company, from 50% to 100%. Its joint owner Posten, the Swedish post office, is believed to be interested in disposing its shares in the company.
